View Full Version : Mortgage while minding
littlefootsteps
06-08-2014, 10:10 AM
I hope this is the right place, sorry if its not.
I am looking at buying my house and everywhere I go is asking for 2 years accounts (which I don't have) or says that I can't have a mortgage as a minder as I'm living on the business premises etc...
Anyone been successful and can offer any advice?
Thanks
tulip0803
06-08-2014, 10:19 AM
They have tightened up the regulations I recent years after the crash so it is more difficult to get mortgages by everyone. I had less hassle arranging a mortgage through the bank that I had my current account with as they could see my incoming and outgoings.
But as you only registered this year you will probably struggle everywhere
HTSMumma
06-08-2014, 12:10 PM
There is a mortgage company that will take a year's worth of books. I can't remember their name off the top of my head but will ask my husband later.
HTSMumma
06-08-2014, 12:23 PM
Kensington! :-)
littlefootsteps
06-08-2014, 12:33 PM
There is a mortgage company that will take a year's worth of books. I can't remember their name off the top of my head but will ask my husband later.
Thanks i'll take a look now :)
Hello. I moved the week before last so am fresh to it all. I would advise speaking to an independent mortgage advisor. Ours was fantastic. We went to her a year before wanting to move and asked advice. She said most companies take an average of the income after expenditure and tax from the last 2 years but good to have 3 if possible. You can make your income look higher by not putting expenses through. You may then need to pay tax but the amount you will pay tax will be worth not paying as obviously in terms of mortgages the figure is multiplied to see what they will give you so paying out say 2k could be worth 8k more on a mortgage offer so you will have made yourself the extra 6k which could make all the difference.
We had to wait til I had built up my business and I have now been minding 4 years to get to the point we could afford to move. It was a pain but we couldn't afford to do it without my salary coming into the offer.
alex__17
06-08-2014, 06:01 PM
So pleased to have seen this, we have to remortgage nrxt year and I'll have been minding about 18 months by then so only have one full year of accounts if they take it from tax return.
Can I ask do they calculate it on total earnings or earnings after tax is taken off?
I had been planning on putting much in the way of expenses through, can you put through none? Or do I have to claim things like electric bill wear and tear etc?
Calculated on earnings after deductions hence why I put through nothing.
I'd seek advise now and see what they come up with. We needed as much income as possible from my side to afford to move.
TabbyTuTu
10-08-2014, 09:53 AM
we currently have a flat and have just took it off the market as we've been advised it won't sell for the amount we want this year. We were planning on renting but if we have to wait another year anyway we may as well wait the two-three years needed for a mortgage - Our adviser told us two would be enough but based on my hubbys earnings I need to be raking in at least a grand a month to have any chance of getting another mortgage! And yes, the less you put as expenditure the better
Simona
10-08-2014, 10:04 AM
So pleased to have seen this, we have to remortgage nrxt year and I'll have been minding about 18 months by then so only have one full year of accounts if they take it from tax return.
Can I ask do they calculate it on total earnings or earnings after tax is taken off?
I had been planning on putting much in the way of expenses through, can you put through none? Or do I have to claim things like electric bill wear and tear etc?
It is calculated on your annual 'turnover'...those who look at small businesses accounts understand what it means and that there are expenses as well as benefits
Talking to an independent financial adviser is the best way to get to a mortgage...their advice usually costs nothing
Look for one close to you and make an appointment for him/her to come and see you
Good luck
loocyloo
10-08-2014, 11:40 AM
We bought 8 yrs ago then moved/sold/bought again 3 yrs ago. Our independent financial advisor had a copy of 2 previous years accounts and got us a mortgage based on my income as explained that alot of my expenses were house related etc plus that someone on a salary (ie DH) only has their gross income considered not all their expenses/car costs etc.
However ... I have been minding for over 10 yrs now and we have been using the same advisor since before then so I think it was a bit easier.